Cantor Fitzgerald Maintains Buy On Philbro Animal Health, Following Solid 4Q FY2014 Revenue

In a research note published today, Cantor Fitzgerald analyst Irina Rivkind maintained a Buy on Phibro Animal Health (NASDAQ:PAHC) with a $27 price target, following the company’s release of its solid 4Q FY2014 revenue.

Rivkind wrote, “Phibro reported revenues of $183.7M and adjusted diluted earnings of $0.22 versus FactSet consensus estimates of $175.8M in revenues and $0.27 in EPS. According to management, the EPS consensus miss may have been due to underestimation of cash tax payments for the quarter. Net sales in the quarter grew 12% Y/Y, and adjusted EBITDA grew 23% Y/Y. We reiterate our BUY rating and $27 PT, which is based on DCF analysis, favorable view on sector M&A activity, and additional opportunities for growth.”

The analyst continued, “The company provided FY:2015 guidance of $735-755M in sales, $99-103M in adjusted EBITDA, and $1.46-1.51 in adjusted diluted EPS. Revenue guidance represents growth of 6-9% Y/Y as compared to FY:2014, and adjusted EBITDA guidance represents growth of 9-14% Y/Y. This compares favorably to FactSet consensus estimates for FY:2015 of $728.0M and $1.42. The guidance includes $4M in milestone payments expected in FY:2015 from the vaccine business (broken out as $2M in 1Q:FY2015, and the remainder later in the year). We model $740M in revenues and $1.46 per share for FY:2015.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Irina Rivkind has a total average return of 16.2% and a 56.1% success rate. Rivkind is ranked #195 out of 3303 analysts.

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